After receiving an intriguing set of numbers from its maiden drill campaign, Terrain Minerals have given effect to a very favourable deal that allows them to take control of the Rembrandt Gold Project near Menzies in WA for just $1.
In a deal announced earlier this year, Terrain needed to spend just $25 000 exploring the project in order to acquire it from private company Rembrandt Mining Pty Ltd, a condition that has now been satisfied.
Under the terms of the deal, Rembrandt Mining Pty Ltd will be given a free carried profit share of 25% for the first 15 000 ounces of gold mined and 15% thereafter.
If minerals other than gold are discovered then a 1% net smelter royalty will apply, however no royalty will apply for gold.
In a recent drilling campaign at the Monet prospect within the Rembrandt project , Terrain returned a number of very interesting results.
These include 1m @ 80.4 g/t from 43m, 1m @ 20 g/t from just 16m and 1m @ 18.85 g/t from around the 12m mark.
Other results included 1m @ 10.3 g/t , 1m @ 6.5 g/t and 2m @ 9.23 g/t which included a 1m interval grading nearly 18 grams to the tonne from just 25 meters deep.
Of the 35 holes drilled during the campaign, more than half hit significant mineralization with the best result showing almost 3 ounces to the tonne.
If Terrain are able to prove up a resource at Rembrandt, logistics shouldn’t be a problem as it is only about 100km north of the mining centre of Kalgoorlie and it is just off the main road that connects Kalgoorlie with Menzies.
By Matt Birney
